Q4 RESULT AND PRELIMINARY YEAR END RESULT 2008

Operating revenues in Q4 2008 were USD 19 million (USD 17.1 million in Q4 2007) with an EBITDA of USD 6 million (USD 4 million). For the full year revenues were USD 79.7 million (USD 66.8 million) with an EBITDA of USD 29.5 million (USD 20.5 million).

Fred. Olsen Production had solid operational performance also in Q4, year end accounts affected by items related to impairment, unrealized losses on interest rate hedges and currency contracts and loss on the investment in EOC shares.

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